Metals Creek Resources Corp. is pleased to announce that the company has been advised by Its Option partner Quadro Resources Ltd. that it has received an exploration permit to carry out exploration work on its recently optioned Careless Cove and Yellow Fox properties in Newfoundland and Labrador where it has the right to earn a 100% interest under an agreement with Metals Creek . The Property is located within and ...

Metals Creek Resources Corp. (TSXV: MEK) (the "Company" or Metals Creek) is pleased to announce that the company has been advised by Its Option partner Quadro Resources Ltd. (TSXV: QRO) (Quadro) that it has received an exploration permit to carry out exploration work on its recently optioned Careless Cove and Yellow Fox properties in Newfoundland and Labrador (together, the "Property"), where it has the right to earn a 100% interest under an agreement with Metals Creek (see Quadro news release dated October 8, 2020).

The Property is located within and adjacent to New Found Gold Corp.'s Queensway High-Grade Gold Project as illustrated on the attached map. The Quadro claims are approximately 12 kilometers southwest of New Found Gold's Keats Zone which is the main focus of its ongoing 100,000 meter drill program where results include an intersection of 92.86 g/t Au over 19.0 meters (see New Found Gold press release dated Nov. 16, 2020).
Note: Gold values on adjacent properties in similar rocks are not representative of the mineralization on the property, have not been verified, and should not be relied upon.

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Figure 1: Careless Cove and Yellow Fox claims (map by ExplorationSites.com, October 14, 2020).

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Planned exploration - Quadro plans to carry out an initial orientation program consisting of prospecting and soil sampling on both properties over the next quarter. The surveys are planned to follow up on known gold mineralization and to help define targets for follow-up trenching and drill testing. Previous work by MEK had located a number of gold targets as described in the Quadro press release on Oct 8, 2020. A summary of these results follows:

Careless Cove - Recent prospecting carried out by MEK at Careless Cove uncovered mineralization comprised of quartz breccia with disseminated and vein hosted pyrite/arsenopyrite with minor stibnite. Results from outcrop include:

Sample Number g/t Au
236102 7.39
236103 0.47
236104 4.15

 

In addition, follow up prospecting has located rubble approximately 50 meters away from the above mentioned outcrop samples with assays of:

Sample Number g/t Au
323763 7.37
323764 11.83

 

Yellow Fox - Initial prospecting carried out by MEK in 2011, resulted in a concentration of highly anomalous gold values with one sample returning an assay of 59.413 g/t Au (main Yellow Fox showing) (see MEK press release dated June 22, 2011). Soil sampling and follow-up trenching was completed across the mineralization. Initial sampling consisted of 13 selective grab samples taken throughout the trenches with assay values ranging from 214 ppb to 1877 ppb Gold and up to 11.1 % Sb, 5.5% Pb, 7 % Zn, and 72.9 g/t Ag. The trenches were then channel sampled along their length using a diamond bladed rock saw. The best result from channel sampling was 0.306 g/t Au over 26.82m within 29 continuous samples and 4.57% Sb over 1 meter. Although, very encouraging, there has been no follow-up work done since (see Newfoundland Geoscience Resource Atlas Geofile Number: 002D/0779).

Note: The surface grab samples described in this news release are selective by nature and are unlikely to represent average grades of the property.

The terms of the acquisition are outlined as follows:

  1. The Property consists of five licenses (40 units) in two separate groupings referred to as the Careless Cove group and the Yellow Fox group.
  2. To acquire MEK's interest, QRO will issue to MEK a total $100,000 and 1,500,000 shares according to the following schedule:
  • $15,000 and 300,000 on signing; (Paid)
  • $20,000 and 300,000 shares on the first anniversary;
  • $20,000 and 400,000 shares on the second anniversary; and
  • $45,000 and 500,000 shares on the third anniversary
  1. Once QRO is vested at 100% by meeting all the payments above, MEK will retain a 2.0% Net Smelter Return (NSR) royalty on any future mineral production. QRO will have the right to purchase 50% of the NSR from MEK for $1,000,000.

Wayne Reid, P.Geo, a Director for the Company and a qualified person as defined in National Instrument 43-101, is responsible for this release, and supervised the preparation of the information forming the basis for this release.

Analyses in this release were performed by Eastern Analytical of Springdale, NL with ISO 17025 accreditation. Samples were transported in sealed bags to Eastern and all samples were assayed using industry-standard assay techniques for gold. Gold was analyzed by a standard 30 gram fire assay with an AA finish.

Note: The surface grab samples described in this news release are selective by nature and are unlikely to represent average grades of the property.

In addition to its portfolio of projects, Metals Creek also holds a position of equities in other companies such as O3 Mining, Sokoman Minerals, Quadro Resources (QRO), Anaconda Mining, Benton Resources, White Metal Resources, Trifecta Gold, Manning Ventures, Magna Terra Minerals as well as others.

About Metals Creek Resources Corp.

Metals Creek Resources Corp. is a junior exploration Corporation incorporated under the laws of the Province of Ontario, is a reporting issuer in Alberta, British Columbia and Ontario, and has its common shares listed for trading on the Exchange under the symbol "MEK". Metals Creek has earned a 50% interest in the Ogden Gold Property from Newmont Corporation, including the former Naybob Gold mine, located 6 km south of Timmins, Ontario and has an 8 km strike length of the prolific Porcupine-Destor Fault (P-DF). In addition, Metals Creek has signed an agreement with Newmont Corporation, where Metals Creek can earn a 100% interest in the past producing Dona Lake Gold Project in the Pickle Lake Mining District of Ontario.

Metals Creek also has multiple quality projects available for option in Ontario and Newfoundland which can be viewed on the Corporation's website. Parties interested in seeking more information about properties available for option can contact the Corporation at the number below.

Additional information concerning the Corporation is contained in documents filed by the Corporation with securities regulators, available under its profile at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Alexander (Sandy) Stares, President and CEO

Metals Creek Resources Corp
telephone: (709)-256-6060
fax: (709)-256-6061
email: astares@metalscreek.com
www.MetalsCreek.com

Twitter.com/MetalsCreekRes
Facebook.com/MetalsCreek

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/69852

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